Needless to say these ramblings are personal reflections and do not in any way represent official policy of the Fédération Protestante de France, my employer, nor of the churches I'm a minister of, the United Reformed Church and the Eglise Réformée de France.

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2008 was the international year of languages, the international year of the potato and the year for the protection of the frog. 2009 is the international year of reconciliaiton, the international year of astronomy, the Calvin year, the St Paul year and no doubt much more besides. Enjoy it all.2010 was the UN year of biodiversity and the year of the 100th anniversary of the Edinburgh mission conference2011 is the international year of forests - protect the trees and plant some folks!

Thursday, 23 October 2008

There is a chilling article in this week's New Statesman by Iain Macwhirter called the mad world of shadow bankers. Reading this I find it hard to add any further comment. Unregulated market capitalism of this kind is crazy and unethical. Our pension funds and taxes and the poorest in all our societies will now pay the price for such carefully thought out semi-legal corporate thoughtlessness.

The madness of the shadow banking system became apparent over a year ago when Northern Rock was nationalised, but regulators ignored the implications. The Treasury minister Yvette Cooper discovered to her dismay that Northern Rock didn't own half of its own mortgages: £50bn had been hived off to a Jersey-based company, Granite, registered as a charity benefiting Down's syndrome children in the north-east of England. Needless to say, the charity didn't get any cash - this was a special-purpose vehicle that allowed the Rock to trade in complex securities without having to meet the stringent capitalisation requirements of a normal bank.But it wasn't just the Rock. Most banks and other financial institutions did exactly the same, setting up "orphan companies", often under charitable trusts, that did not appear on their published balance sheets. This is one reason why such apparently well-capitalised and solvent institutions as Royal Bank of Scotland collapsed so suddenly. Their true liabilities had been hidden for years in the shadow system while they made huge profits from lending.

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About Me

Jane

My name is Jane Stranz. I was born and brought up in Britain and am an ordained minister of the United Reformed Church, a small non-conformist church. For over 10 years I worked as a parish minister in the Eglise Réformée de France in Dunkerque, Chambéry and Ferney-Voltaire. Fom July 2002 to October 2011 I led the language service of the World Council of Churches in Geneva. Currently I'm working on a two year mission on ecumenical relations, inter-religious dialogue and inter-cultural ministry with the Fédération Protestante de France based in Paris. It's going to be exciting and a steep learning curve. I'm married to Stephen Brown a journalist, researcher and theologian who works at Gobethics.net. Over the next two years we'll see how we manage a commuting marriage between Paris and Ferney Voltaire. Since 1999 I've been living with multiple sclerosis, sounds rather noble but really means I just live in denial and inject interferon b three times a week and count myself very lucky to live in a country with a great health care system.